What is the current FHA loan rate? 3.75?

Getting ready to close on a house this week but I'm left scratching my head. my lowest credit score is 701 (high 751) and I'm doing a FHA loan. Currently my real estate agent who is handling the loan with a 3rd party is telling me 4.00%. I keep saying that I see rates for FHA at 3.75%. I also have a 3% closing cost credit to work with from the seller. (I understand that FHA loans 2 points is highest that loan agents can take) My gut is telling me that they are trying to push a 4% loan on me cuz that gives them 2 points whereas the 3.75% loan will be less points. Can someone not vested in the situation give me some input as to the current rates for FHA. Purchase price is 300k and I'm putting down the minimum 3.5%.I don't care if they get their points since its coming out of closing and not my pocket so is there a loan of 2 points and 3.75? I just don't want the higher loan rate(not even with the write-off). I asked again on Friday and was told the rate can be changed up til day I sign and that they will get me the lowest rate but my gut says they will give me a song and dance and try to sell me on 4% and "what a great rate historically it is". Need info to arm myself with info and push back if I'm not getting best deal.

Update:

Bob thanks for details. I think since i have seller paying up to $9000 of my closing costs, I don't care if there is points. I think my loan person is looking for best deal for them which is why they are trying to stick me at 4%. And I don't care in loan guy charges me points since it don't come out of my pocket adn I lose (from what I was told) whatever of the 9k I don't use for closing. Now if I could roll that extra closing cost money to something else it would be different. I just don't want my loan person to go after loan with best points/incentive for him and put me at 4% when 3.75 is available to me. I think they wont give me a loan for less than 1 point (as I suspect that benefits them)

Update 2:

Bob thanks for details. I think since i have seller paying up to $9000 of my closing costs, I don't care if there is points. I think my loan person is looking for best deal for them which is why they are trying to stick me at 4%. And I don't care in loan guy charges me points since it don't come out of my pocket adn I lose (from what I was told) whatever of the 9k I don't use for closing. Now if I could roll that extra closing cost money to something else it would be different. I just don't want my loan person to go after loan with best points/incentive for him and put me at 4% when 3.75 is available to me. I think they wont give me a loan for less than 1 point (as I suspect that benefits them)

4 Answers

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  • Bob
    Lv 6
    8 years ago
    Best Answer

    You should have no trouble finding 3.75% fixed with no points. I checked our price sheets and sheets from Wells Fargo and Fifth Third. I haven't quoted 4% on FHA since October. A link to Wells Fargo's quote is listed below:

    https://www.wellsfargo.com/mortgage/rates/

    Source(s): Licensed Loan Officer in Ohio
  • -
    Lv 7
    8 years ago

    I haven't done an FHA loan before, but assuming this is like any other loan, their is an advertised LOWEST possible rate, and then there's what you actually qualify for. Usually to get the lowest rate possible, your average FICO has to be about 750 and up. It's safe to assume that your down-payment (which is miniscule) also plays a factor in it. The bank is taking greater risk, because you're barely putting down anything on a $300k loan. I had to put down 30% for a business loan...

  • ?
    Lv 6
    3 years ago

    For Finance and credit solutions I visit this site where you can find all the solutions. http://INSURANCEANDFINANCETIPS.INFO/index.html?src...

    RE :What is the current FHA loan rate? 3.75?

    Getting ready to close on a house this week but I'm left scratching my head. my lowest credit score is 701 (high 751) and I'm doing a FHA loan. Currently my real estate agent who is handling the loan with a 3rd party is telling me 4.00%. I keep saying that I see rates for FHA at 3.75%. I also have a 3% closing cost credit to work with from the seller. (I understand that FHA loans 2 points is highest that loan agents can take) My gut is telling me that they are trying to push a 4% loan on me cuz that gives them 2 points whereas the 3.75% loan will be less points. Can someone not vested in the situation give me some input as to the current rates for FHA. Purchase price is 300k and I'm putting down the minimum 3.5%.I don't care if they get their points since its coming out of closing and not my pocket so is there a loan of 2 points and 3.75? I just don't want the higher loan rate(not even with the write-off). I asked again on Friday and was told the rate can be changed up til day I sign and that they will get me the lowest rate but my gut says they will give me a song and dance and try to sell me on 4% and "what a great rate historically it is". Need info to arm myself with info and push back if I'm not getting best deal.

    Update: Bob thanks for details. I think since i have seller paying up to $9000 of my closing costs, I don't care if there is points. I think my loan person is looking for best deal for them which is why they are trying to stick me at 4%. And I don't care in loan guy charges me points since it don't come out of my pocket adn I lose (from what I was told) whatever of the 9k I don't use for closing. Now if I could roll that extra closing cost money to something else it would be different. I just don't want my loan person to go after loan with best points/incentive for him and put me at 4% when 3.75 is available to me. I think they wont give me a loan for less than 1 point (as I suspect that benefits them)

    Update 2: Bob thanks for details. I think since i have seller paying up to $9000 of my closing costs, I don't care if there is points. I think my loan person is looking for best deal for them which is why they are trying to stick me at 4%. And I don't care in loan guy charges me points since it don't come out of my pocket adn I lose (from what I was told) whatever of the 9k I don't use for closing. Now if I could roll that extra closing cost money to something else it would be different. I just don't want my loan person to go after loan with best points/incentive for him and put me at 4% when 3.75 is available to me. I think they wont give me a loan for less than 1 point (as I suspect that benefits them)

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    Source(s): For Finance and credit solutions I visit this site where you can find all the solutions. http://INSURANCEANDFINANCETIPS.INFO/index.html?src...
  • 3 years ago

    I often end up writing the same question on other sites

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